"It may be painful, but nevertheless, profitable, to recur occasionally to the history of the past; to listen to the admonitions of experience, and learn lessons of wisdom from the efforts and actions of those who have preceded us in the drama of human life. The records of former days show that at a period not very remote, Virginia stood pre-eminently the first commercial State in the Union; when her commerce exceeded in amount that of all the New England States combined; when the City of Norfolk owned more than one hundred trading ships, and her direct foreign trade exceeded that of the City of New-York, now the centre of trade and the great emporium of North America. At the period of the war of independence, the commerce of Virginia was four times larger than that of New-York." The cash value of all the farms, farming implements and machinery in Virginia, in 1850, was $223,423,315; the value of the same in New-York, in the same year, was $576,631,568. In about the same ratio does the value of the agricultural products and live stock of New-York exceed the value of the agricultural products and live stock of Virginia. But we will pursue this humiliating comparison no further. With feelings mingled with indignation and disgust, we turn from the picture, and will now pay our respects to MASSACHUSETTS AND NORTH CAROLINA. In 1790, Massachusetts contained 378,717 inhabitants; in the same year North Carolina contained 393,751; in 1850, the population of Massachusetts was 994,514, all freemen; while that of North Carolina was only 869,039, of whom 288,548 were slaves. Massachusetts has an area of only 7,800 square miles; the area of North Carolina is 50,704 square miles, which, though less than Virginia, is considerably larger than the State of New-York. Massachusetts and North Carolina each have a harbor, Boston and Beaufort, which harbors, with the States that back them, are, by nature, possessed of about equal capacities and advantages for commercial and manufacturing enterprise. Boston has grown to be the second commercial city in the Union; her ships, freighted with the useful and unique inventions and manufactures of her ingenious artisans and mechanics, and bearing upon their stalwart arms the majestic flag of our country, glide triumphantly through the winds and over the waves of every ocean. She has done, and is now doing, great honor to herself, her State and the nation, and her name and fame are spoken with reverence in the remotest regions of the earth.